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WHY IS BRISBANE THE INFRASTRUCTURE CAPITAL OF AUSTRALIA?



With some of the country’s leading infrastructure projects currently underway, Brisbane is fast becoming known as the infrastructure capital of Australia with the allocation of spend for projects in the city exceeding $34 billion. 


The three key projects in Brisbane currently leading the space and completely changing the landscape of the city are: the new runway at Brisbane Airport, the Cross River Rail and Queens Wharf. 


The Brisbane Airport


Brisbane's new runway is recognised as a key driver in the long term growth of Brisbane and wider Queensland.

At a total cost of around $1.3 billion [1], it is the biggest aviation project under construction in Australia.


When complete it will give Brisbane the most efficient runway system in the country, acting as the new gateway to Australia and even offering 24/7 flights with no curfews.


Apart from the hundreds of construction jobs already created by the project, by 2035, the runway will generate 7,800 new jobs and an additional $5 billion in annual economic benefit to the region [2]


By effectively doubling capacity, it will enable continued growth, bringing more flights, more choice and better service for all business and leisure travel to the city.


The Cross River Rail


The Cross River Rail is a $6 billion project that has already commenced and should be completed by 2023/24 [3].


The Cross River Rail will connect to both northern and southern rail networks, providing significant benefits to commuters, ease congestion and reliability.


This rail system will increase accessibility to the Brisbane CBD, allowing more people to travel longer distances, with shorter journey times.


The exemplary list of benefits this project has is incomparable and includes:

  • Construction alone supporting an additional 65,000 jobs.

  • An additional 12,000 residents and more than 40,000 jobs in the high-growth southern CBD.

  • Increases in peak period rail capacity into the CBD, from 86 to 134 trains per hour, showing a 56% improvement.

  • Reduction in the total number of people travelling to the CBD by car by 18,500 per day in 2036.

  • Reduction in the total wait time for train passengers by 11,000 hours per day in 2036.

  • Increases to the mode share of public transport in the region from 6.8% currently to 10.4% in 2036.

  • Reduction in road congestion and costs associated with the congestion.


The Queens Wharf


Queen's Wharf is an extraordinary generational precinct redevelopment which will change the face of Brisbane. 


The Queensland Government in partnership with the Destination Brisbane Consortium is delivering a world-class tourism, leisure and entertainment precinct, that provides economic growth for Queensland with the creation of around 8,000 new permanent jobs and 3,000 during construction.


Completion of the project is expected in 2022 and is estimated to cost in excess of $3 billion and bring an astounding 1.39 million additional tourists each year [4].


The development will create 5 new hotels, 3 new residential towers and 50 restaurants and bars. There will be a Sky Deck area which will feature outdoor restaurants on the 25th floor, a glass floor observation deck and a Botanic Gardens observation deck. 


Brisbane from an investment perspective


Brisbane is ticking all of the macro fundamentals for a wise property investment, being:

  • A strong economy

  • Significant population growth

  • An achievable affordability

  • A decent demand to supply ratio in well researched pockets

  • Strong yields and a wealth of once in a generation infrastructure projects


If you would like to learn more about how to capitalise on the growth prospects for Brisbane - reach out to the team at Meridian Australia today.


For more insight into my thoughts on Brisbane’s current infrastructure projects watch my video here.


Warren Jacobs – Senior Property Investment Consultant

P: (02) 9939 3249

E: warren@meridianaustralia.com.au


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References

[1] Brisbane Airport draws 1.3 billion in the sand https://australianaviation.com.au/2018/03/brisbane-airport-draws-a-1-3-billion-line-in-the-sand/

[2] Brisbane’s New Runway

https://www.bne.com.au/corporate/projects/brisbanes-new-runway

[3] Cross River Rail

https://crossriverrail.qld.gov.au/

[4] Queen’s Street Wharf

https://queenswharfbrisbane.com.au

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Meridian Australia specialises in comprehensive residential property market research and analysis. Our meticulous approach to property investment is to guide our clients to make wise investment decisions.

02 9939 3249

618 Bourke Street, Surry Hills, Sydney, 2010

info@meridianaustralia.com.au

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